CBN charges Nigerians on lower appetite for foreign goods

The Central Bank of Nigeria (CBN), yesterday, advised Nigerians to moderate their taste for foreign goods with a view to stabilising the nation’s economy.

Its Governor, Godwin Emefiele, gave the advice during an interactive session with stakeholders on the five-year policy thrust of the apex bank in Kaduna.

The participants included Organised Labour and executives of commercial banks.

Emefiele told reporters that the best way to sustainably grow the economy was to produce “what we eat in the country.”

He recalled that in the 70s, Nigeria invested in agriculture and production of basic items to cater for its needs and exported goods to strengthen the naira and economy.

Represented by the Assistant Director, Corporate Communications, Sam Okogbue, the CBN governor urged Nigerians “to return to production of what they consume. Nigerians should moderate their taste for and consumption of foreign food.

“If we do so, it will help government to stabilise the economy.”

Admitting that the economy had been negatively impacted by the COVID-19 pandemic and #EndSARS protests, Emefiele harped on the need to accelerate growth of double digit by reducing inflation.

He said this would “lower rate of unemployment and put the country back on track.”

In his welcome address, the CBN Branch Controller in Kaduna, Umar Biu, submitted that the engagement provided opportunity for the department and relevant players to painstakingly deliberate on way forward for the socio-economic development of the country.